Use the information below to determine before-tax cost of debt financing of bond S.

Bond S:

The Selling Price of the Bond (P): $1,065

Number of Years to Maturity (n): 17

Annual Coupon Rate, (paid annually): 16.48%

Par Value: $1,000

Floatation Costs: $4.25

Before -Tax Cost of Debt Financing (%): ??

Round the answer to two decimal places in percentage form. (Write the percentage sign in the "units" box)

You should use Excel or financial calculator.